Is there more than one whale? These guys bought all their stock in the last month. Who was doing all the buying before that?

The final order on stock transfers is Document 322. On 9-22-09 they sent (or resent?) it to the sevice list who in turn were required to send it to 5% owners. It maybe that Chemtura did not properly notify the service list back in April.

http://www.kccllc.net/documents/0911233/0911233091007000000000029.pdf

new shareholder letter filed with court

http://www.kccllc.net/documents/0911233/0911233091006000000000021.pdf

PERMANENT PORTFOLIO FAMILY OF FUNDS, INC

According to MAFFIS they sold 3 million shares. MAFFIS is wrong

The attached SEC document shows they own 3,050,000 shares as July 31, 2009. Page 7 3 million, Page 12 50,000

http://www.sec.gov/Archives/edgar/data/357298/000035729809000042/ncsr_permport-20090731.htm

Highly paid lawyers seldom have slips of the tongue. If you read his statement he simply states an opinion "we believe".

Fortunately, for the stock holders the Judge rules on facts not opinions. He stated on page 42 "I don't see it' at this juncture , as essential until and unless we see more value for equity". This can be intrepted to mean he sees a small amount of value now.

Why does chemtura want the stock price to remain low?

There are at least seven court documents that reference hearing transcripts (60, 111, 125, 350, 425, 488, 1158). Six are place holders. Only one (1158) is a transcript. Which appears to be an attempt to put a lid on the stock price. I believe they want to keep the price below $1. I do not believe they will be successful.

1. The amount of cash on hand (last MOR) is 100 million and is going up at the rate of 25-30 million every month. At that rate they will have 250-280 million by March 2010.

2. As business picks up leases and contracts are redone the amount of cash will only increase (an extra 3-10 million a month). Total cash on hand could reach 330 million by march 2010.

3. Book value could double by March 2010 without an asset sale. With an asset sale who knows.

4. Someone with deep pockets has been buying stock.

Top Institutional Holders: CEMJQ

ICC Capital Management, Inc. 21.96 M
Trian Fund Management LP 9.76 M
York Capital Management 7.86 M
Heartland Advisors, Inc. 7 M
Norges Bank 1 M
Pacific Heights Asset Management, LLC 3.05 M Reich & Tang Asset Management, L.L.C. 1.75 M
Scoggin Capital Management, L.L.C. 1.33 M
GAMCO Investors, Inc. 622,666
New Jersey Division of Investment 599,996

Top Mutual Fund Holders

Heartland Value Fund 7 M
Permanent Portfolio Fund 3 M
Delafield Fund 1.2 M
Statens Pensjonsfond Utland 1 M


http://finance.aol.com/company/chemtura-corp/cemjq/nao/institutional-ownership

Has anyone been to pacer to see if the BP natural gas order has been posted yet? It was one of the undisputed items from the 29th.

Bonds continued their march up yesterday.

2009 closed at 102.75
2016 closed at 105
2026 closed at 78.875

Information on the formation of an equity committee. From the attached court document. It would appear that the Company Stock Fund request to form an fee committee may forced a decision on the formation of an equity committee. They filed their document and the reply back from Kirkland & Ellis opens the door.

1. K & E state that no one has requested a equity committee, when we know that Andre Danesh and others have sent letters to the Judge requesting a committee.
2. They then observe that there is no finding or evidence that equity holders will have a right to any distribution in these chapter 11 cases (they ignore the MORs which show positive asset value).

In court the Company Stock Fund will now be able to argue bias and the need for an equity committee to protect the shareholders

"In this regard, the Debtors note that this Court was first made aware that the U.S. Trustee was considering requests for the appointment of an equity committee at a hearing on July
28, 2009, and that the U.S. Trustee informed the Court that the requests were under consideration but that “no decision has been made.” See Transcript of Record at 46:4-8 and 66:1-10, In re Chemtura Corp., No. 09-11233 (Bankr. S.D.N.Y. July 28, 2009). It has been nearly two months since that hearing, and an equity committee has not been appointed. Neither the Company Stock Fund nor any other equity security holder has asked this Court to appoint an equity committee. While the Debtors do not wish to engage in a valuation dispute in the context of fee applications, they simply observe that there is no finding or evidence that equity will have a right to any
distribution in these chapter 11 cases."

http://www.kccllc.net/documents/0911233/0911233090925000000000024.pdf

http://www.kccllc.net/documents/0911233/0911233090601000000000024.pdf

I don't know if he was buying or selling but in April 2009 Ichan had four funds involved the credit swap auction.

The list has 327 names. Ichan funds are in the bottom 1/3 of the list.

http://www.isda.org/2009rousechemturacdsprot/protocollistsdate.asp

The shares in the 401K were purchased by Fidelity on the open market. They are not backed by treasury stock.

For about one month after BK, employees were still able to buy stock through their 401K. Now the trading rule for the stock fund is you can keep what you have, or sell it, but you can not buy any more.

In the fund you hold stock units not shares. A unit price is ~81% of the share price. The first day it traded after BK the unit price was $0.02. The second day it was $0.03. The employees bought enough shares to become the second largest shareholder behind ICC before the BOD removed buying stock as an option in the 401K.

Read the court document it states "The Chemtura Corporation Employee Saving Plan" holds approximately 15 millions shares of stock. That is the employee's 401K plan. Treasure stock is what the company owns.

I know for a fact that at least 4 million shares of stock were bought by employees in South Arkansas after BK. At 2 and 3 cents a share it didnt take a lot of money to buy a lot of stock.

It was good to see that a request was made to appoint a shareholders represenative to any fee committee that is formed (page 3)

http://www.kccllc.net/documents/0911233/0911233090922000000000001.pdf

Chemtura stock fund is part of the employee savings plan (401K)

CHEMTURA CORPORATION EMPLOYEE
SAVINGS PLAN

http://phx.corporate-ir.net/phoenix.zhtml?c=68079&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NjM4ODkzOSZhdHRhY2g9T04mc1hCUkw9MQ%3d%3d

Chemtura allowed employees to continue to buy stock in the company in their 401Ks after BK for a month or so. A number of employees loaded up on shares. The action today is most likely the result of some employees selling shares out of their 401K to rebalance their accounts after the stock price reach a dollar.

1. Employees do not receive the sell price. They receive the end of day price. FMR sells the stock during the day. If the close is lower than the sell price FMR pockets the difference.

2. By selling most of the shares at the end of the day FMR is able to push the share price down and maximize their profit.

Dont panic I heard from a contact at chemtura that an employee was unloading a large amount of stock. If it is in his 401K he gets end of day price.

Much more important than that. No brine leases then no bromine production at the plants in South Arkansas. No bromine production then no FR or brominated products production. They have to keep the leases in order to stay in the bromine business. Any leases they drop will quick be taken over by either tetra or albermarle.

http://minerals.usgs.gov/minerals/pubs/commodity/bromine/myb1-2007-bromi.pdf

yes they own 7 million shares in the value fund as of 6-30-09

see page 15 of the FORM N-CSR

http://www.sec.gov/Archives/edgar/data/809586/000119312509178739/dncsrs.htm

The mffais posting that they sold is incorrect.

Orignal List of 5 % owners had Barclays and ICC capital management. This new list on page 33 of the document adds Heartland, FMR and William J. Nasgovitz to the list of 5 % owners. William Nasgovitz works at Heartland.

http://www.kccllc.net/documents/0911233/0911233090909000000000004.pdf

I believe the following statement by KeyBanc best describes why the stock will continue to go up.

"According to KeyBanc, if Chemtura sold each of its business units to a strategic buyer, the Company would only have about $5.65 per share left over for shareholders."

http://www.streetinsider.com/Downgrades/KeyBanc+Downgrades+Chemtura+%28CEM%29+to+Hold/3284740.html

2016 bond is now 88.5. The unsecured creditors (includes the bondholders) have already seen the five year plan and they are showing confidence in the plan by sending all the bonds to post BK highs.

http://cxa.marketwatch.com/finra/BondCenter/BondDetail.aspx?ID=MTYzODkzQUE4

In the orginal document the call on 3/27/09 with Lubrizol, re. Petroleum additives business now reads call with interested party in the revised document(page 36).

http://www.kccllc.net/documents/0911233/0911233090820000000000007.pdf

They pulled the old document and filed a new one. I guess they were not happy that news on the asset sale got out.

http://www.kccllc.net/documents/0911233/0911233090820000000000007.pdf

I post positve information and you slam me. what is your problem? No comment at all that Trian has not sold a single share.

I only listed the newest 13Fs to show that a number of funds have confidence in chemtura stock.

As 6-30-09 six funds own 52 million shares.

2009-06-30 13F-HR Icc Capital Management Inc Institution 21,961,432 No Change
2009-06-30 13F-HR Trian Partners General Partner Llc Institution 9,385,112 No Change
2009-06-30 13F-HR Jgd Management Corp Institution 7,862,963 No Change
2009-08-14 2009-06-30 13F-HR Heartland Advisors Inc Institution 7,000,000 Sold Some -2,285,400
2009-06-30 13F-HR Pacific Heights Asset Management Llc Institution 3,050,000 No Change
2009-06-30 13F-HR Reich And Tang Asset Management Lp Institution 1,753,463 Sold Some -1,237
2009-06-30 13F-HR And E Partners Lp Institution 1,332,500 New Holding 1,332,500 100 %


http://www.mffais.com/cem

New player "And E Partners Lp"

Name is actual "S & E partners". Their address is C/O Scoggin Capital Management Lp,660 Madison Ave 20th Fl,,
Phone: new york ny 10021. Scoggins capital is a hedge fund.

2009-08-14 2009-06-30 13F-HR And E Partners Lp Institution 1,332,500 New Holding 1,332,500

http://www.mffais.com/cem

Trian still owns 9.7 million shares as 6-30-09

2009-06-30 13F-HR Trian Partners General Partner Llc Institution 9,385,112
2009-06-30 13F-HR Trian Partners Parallel Fund I General Partner Llc Institution 307,098 No Change
2009-06-30 13F-HR Trian Partners Parallel Fund Ii General Partner Llc Institution 69,608 No Change

Jqd still has 7.8 million shares

2009-06-30 13F-HR Jgd Management Corp Institution 7,862,963 No Change

Hearland still has 7 million

2009-06-30 13F-HR Heartland Advisors Inc Institution 7,000,000
Sold Some

http://www.mffais.com/cem

251 hours billed to merger and acquisition activity
So they are working hard to sell something.

Here are the clues I found. They have talked to Lubrizol about the petroleum additives business. The PVC business at Taft is also mentioned several times, and they had a meeting with Hallstar which may refer to hallstar chemical (could be looking to unload cleaning products).

On page 36
3/27/09 call with Lubrizol, re. Petroleum additives business
5/18/09 profiles of strategic buyers and PVC analysis
5/21/09 PVC additives side sell call

on page 59
6/25/09 meeting at Hallstar (hallstar chemical, chicago?)

Sales could have been anytime during the period of 3-30-09 to 6-30-09. Report only gives the holdings as of end of second quarter. We are not interested in who sold, we want to know who's buying.

Could be stock as well,they already own 3.7 million shares.


http://finance.aol.com/company/chemtura-corp/cemjq/nao/institutional-ownership

Someone has hired a lawyer to represent the employees who own chemtura stock in the Employee saving plan.


Court docket #901

http://www.kccllc.net/documents/0911233/0911233090811000000000009.pdf

The bond volume has been strong the last two days.

2009 bond

http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=08/04/2009&EndDate=08/05/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=MzkwNTY4QUEx

2016 bond

http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=08/04/2009&EndDate=08/05/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=MTYzODkzQUE4

2026 bond

http://cxa.marketwatch.com/finra/BondCenter/BondTradeActivitySearchResult.aspx?StartDate=08/04/2009&EndDate=08/05/2009&SelectionOption=2&TradeSize=&SortBy=0&ID=OTc3Mzg1QUs5

The bonds have to be dealt with either through an asset sale, a debt for equity swap or a refinance. All I was pointing out is that a debt for equity swap, like Georgia Gulf just completed can have a very positive effect on share price (up 300%).



http://finance.yahoo.com/echarts?s=GGC#chart1:symbol=ggc;range=5d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

Here's a blueprint for chemtura to follow. Georgia gulf another chemical company just did a 25 for 1 reverse split and swapped half their debt for equity. Stock was in the 0.30's. After the reverse split and swap it is now $17.29.


http://finance.yahoo.com/echarts?s=GGC#chart1:symbol=ggc;range=5d;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined


http://www.thestreet.com/_yahoo/story/10558799/1/georgia-gulf-cuts-debt-shares-soar-130.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

Pacific Heights Asset Management Llc Institution owns 3,050,000 shares as of 6-30-2009


http://www.mffais.com/cem

I only include people who still work for Chemtura

Based on what AOL reports as ownership and what the 10 K says the the insiders are buying
From the 10 K
Security Ownership of Management
The following table sets forth information concerning shares of common stock beneficially owned by each director and named executive officer as of June 16, 2009 and by all directors and executive officers as a group, in each case representing less than one percent of such shares outstanding.


Total Number of Shares
Name Beneficially Owned (1)

Craig A. Rogerson -
Roger L. Headrick 196,516
Nigel D.T. Andrews 55,780
James W. Crownover 63,338
Billie S. Flaherty 23,900
Stephen C. Forsyth 516,704
Martin M. Hale 591,099
Bruce F. Wesson 151,886
Robert L. Wood 12,982
David G. Dickey 75,135
Robert S. Wedinger 49,498
Gregory E. McDaniel 242,617

Current owner ship from AOL
http://finance.aol.com/company/chemtura-corp/cemjq/nao/institutional-ownership
Headrick (Roger L) 108,151
Fox (Robert A) 88,068
Forsyth (Stephen C) 351,169
McDaniel (Gregory E) 60,103
Piccolo (C A) 50,834
Wesson (Bruce F) 48,478
Hale (Martin M) 275,319

all three bonds were up yesterday and closed at post-BK highs.

2009 bonds 72.5
2016 bonds 82.25
2026 bonds 49.5


http://cxa.marketwatch.com/finra/BondCenter/QuickScreener.aspx?ShowResult=true&BondType=Corporate&Symbol=cemjq&YieldMin=&YieldMax=&CouponMin=&CouponMax=&MaturityMin=&MaturityMax=